Stonemartin Corporate Centres Limited Partnership with Hermes and and Morley, have purchased the freehold of the 80,000 sq.ft. office building from Hammersons for £9.35 million representing an initial yield of 7%.
Stonemartin intend to take the building back to a “shell” for a full refurbishment to provide top quality space as an IoD Corporate Centre in units from 100 sq. ft. – 5,000 sq. ft. (9m2 – 465m2) on flexible leases.
There are 48 basement car spaces. In addition, it is proposed that the ground floor extending to 12,589 sq.ft. will be earmarked for a top quality restaurant(s) and it is anticipated that a “top flight” London or international restaurateur(s) will take the space.
Completion is envisaged Summer 2003.
FPD Savills acted for Hammersons and DTZ, Fifield Glyn and Simon Bitmead Associates acted for Stonemartin.